It might also describe several things about the product and promote the brand. when competitors all appear to offer a similar good or service. Figure 8-7 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus with chosen market segments and product groupings. 1. The ________ of the product mix refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way. D. mass production. Neiman Marcus claims superior quality, performance, and style. set up kiosks near the beach restroom and shower areas. To reflect her product line and to capture the attention of the right market, Meena calls her shop, "Style It Up: Accessories and More." 68. Jay Bee Promotions tailors its advertising and promotional services to the needs and preferences of individual customers. With what groups do firms conduct concept testing for new products? Also, through social media I might market an event through snapchat stories, Instagram and Facebook. All of the following are questions that often emerge after a crisis EXCEPT: 60. The central element in the marketing mix is ________, the element around which all other marketing mix decisions revolve. Marketers of automobiles, financial services, and travel are most likely to use which of the following types of segmentation? Capture keyword information from an online survey of users. Calculate Caulders profit margin and debt-to-capital ratio assuming the firm uses only debt and common equity, so total assets equal total invested capital. Betty Crocker carries one line of cake mixes for people with conventional ovens and another line of cake mixes for people with microwave ovens. The higher the quality of an LMX relationship: 54. The company had to weigh ________ against ________ when selecting this strategy. The key to successful servant leadership is based on all of the following guiding principles EXCEPT: 95. Jolene Enterprises mass-produces an all-purpose floor cleaner, mass-distributes it, and mass-promotes it. International Drilling Company is a business-to-business company that segments its foreign markets by the income levels of a country's population. What are the two ways that a company can obtain new products? 54. Which demographic variable should the bookstore consider when it organizes these books for its market? C) Marketing emphasizes selling and advertising exclusively. ________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying. Management also trains employees much better than competitors. Level of service is one method of classifying retail outlets; the highest level is known as __________ service, and the lowest level is called _______ service. The Live Mas! They have high response rates. Ocean Bound is looking to apply a geographic segmentation strategy based on customer convenience in this case. The four steps to take, in order, are market segmentation, marketing positioning, differentiation, and targeting. If Young Explorers wants to only pay for those marketing initiatives that are successful in building the size of its membership, which of the following metrics would it use? A) The field of organizational behavior relies exclusively on ideas generated within the field by organizational behavior scholars B) The origins of organizational behavior are traced mainly to the field of economics C) It examines how Study with Quizlet and memorize flashcards containing terms like According to your text, three factors are responsible for the rapid rise in new product development. His primary focus is on getting consumers to purchase as many widgets as possible to ensure that he is maximizing his sales relative to his production capacity. 86. The winning creation will be featured on the shop's menu. If Green Team wants to understand the costs associated with simply building awareness within the student body, which of the following metrics would it use? Finally, you have determined that the only financing done by the firm was to issue long-term debt of$1 million at a 6% interest rate.What was the firms end-of-year cash balance? When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs, it is following ________. It helps the firm identify the attributes that place its product in a special category of value to the customer. The one thing that Bob learned at Gustavus was the definition of Value. Your direct competition is other grocery stores and the specific businesses that sell the same prepared foods that you do, such as restaurants, delis and pizza shops. 82. Form of ownership, level of service, and merchandise line are ways that ________ can be classified. Which of the following accurately represents the 4 Ps of the marketing mix? It offers a variety of technical and lifestyle backpacks, including the Del Dia, the Luzon, the Inca, and the Tarakeach backpack line features a variety of styles, weights, and sizes. 140. Profits rise during the growth stage of the PLC because promotion costs are spread over a large volume and unit manufacturing costs fall. a. An example of service variability is that within a given Marriott hotel, one registration-desk employee may be cheerful and efficient, whereas another may be unpleasant and slow. The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives is known as. Consider how the decision will affect the stakeholders. Which of the following is not true regarding corporate social responsibility (CSR) programs? B. Concepts and relationships that are not directly measurable cannot be studied using quantitative research designs. In doing so, Fantastically Fit is MOST LIKELY attempting to, The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining it is referred to as. The text states that managers fail to delegate for all the following reasons EXCEPT: 75. According to the VALS framework, Hazel would be classified as a(n). GDP declines for two or more consecutive quarters. When Gary buys ice cream, he typically buys whichever brand is on sale that week. All of the following are actions a firm would take in the first step of the marketing research process except. ________ refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining it. Drink to Your Health wants to introduce a new line of rice-milk based smoothies to its menu, but wants to make sure that enough people would like it enough to order it. Study with Quizlet and memorize flashcards containing terms like 47. (The loan would call for monthly payments, but assume end-of-year annual payments to simplify things.) By providing its customers with benefits that meet their needs, Southwest is providing. An alternative to product line stretching is ________, adding more items within the present range of the line. 73. Which company has tried to turn controversial marketing campaigns into an asset. Also, I market through being a student at Gustavus by talking about my college/ experience when I go back home or potentially when I decided to go here. individuals will be less willing to participate in research. To evaluate the different market segments your company is serving, you would look at which of the following factors? This is an example of a value exchange. Which of the following is an option for a manufacturer's brand sponsorship for a product? In order to increase its chances of success, a small, specialized business should stress its, Four utilities offered to consumers through retailing. 65. Which type of differentiation is used to gain competitive advantage through the way a firm designs its distribution coverage, expertise, and performance? This is a description of the company's. Which of the following is NOT an advantage of teamwork? Study with Quizlet and memorize flashcards containing terms like Critical thinking is ________. In a competitive environment, the situation in which products that perform the same function compete against one another is referred to as. Drink to Your Health set up a booth outside a local grocery store and invited passersby to do a blind taste test comparing samples made from dairy milk and samples made from rice milk. There are eight 300-square-foot stores, one 800-square foot store, and one 900- square-foot store. Provide a specific example from your own personal experience and relate it to something you just "formally" learned about marketing., A target market refers to, Kraft produces Lunchables, a prepackaged meal usually Study with Quizlet and memorize flashcards containing terms like A collection of 1,000 images is considered structured data. Courtney has been looking at laptop computers for a while and has decided to purchase a Dell. Study with Quizlet and memorize flashcards containing terms like Which of these is not a responsibility of marketing? Which of the following is NOT one of the guidelines to becoming an effective follower? the fact that they can control and then manipulate the research setting. A) improving profit margins B) consistently beating competitors' prices C) offering consumers more suitable products and marketing messages D) convincing consumers that they C. trade name. Barney Hopkins has compiled a list of things that make segments more attractive. Fulfilling product shipments C. Encouraging customers to make purchase decisions D. Finding the best ways to reaching those customers with product information, True or False: The customer should 4. In the RYAN'S RUNNERS MINI CASE, Ryan decides to focus his attention on that segment of the market that is interested in running. 54. During the introduction stage, a company that acts as a market pioneer should execute a launch strategy that is part of a marketing plan for the product's entire life cycle. Suggested activities for inspiring a shared vision include all of the following EXCEPT: 81. Linda often works from home and uses her home e-mail Amazon's decision to move beyond books correlates with which type of marketing growth strategy? Coupons would be great for students because it gives them incentives to always go there if every time they want something they have a coupon they can use. The concept of ________ is the set of resources that inheres in the structure of relations between members of the group, which helps them get ahead. a lack of communication between all members involved in the process. Project B, which cannot be postponed, has an IRR of 30% and an NPV of $50 million. Graduate school would be considered a product purchased using ________ problem solving because it requires ________-level involvement. A) Marketing is the creation of value for customers. d. Suppose Upton has a change in management. Study with Quizlet and memorize flashcards containing terms like Which of the following best describes market segmentation? In marketing terms, what is a person looking to satisfy if he or she feels deprived of basic necessities such as food, clothing, shelter, transportation or safety? Crest toothpaste comes in 13 varieties, ranging from Crest Multicare to Crest Baking Soda formulations. The actions that consumers display in searching for, purchasing, using, evaluating, and disposing of products and services that they expect will satisfy their needs is known as ________. This is known as. One of the biggest sociocultural changes in the United States over the past half century has been the shift from a nation of primarily one-income families to one in which two-income families and single-parent households predominate. A company wants to sustain this stage as long as possible. The term that best describes the process of identifying, satisfying, and maintaining customer relationships is. Through talking to numerous competitors at a regional trade show, you learn that most of them use the most popular base for segmenting markets. ____ is the ability to imagine different and better conditions and the ways to achieve them. This multisegment strategy has the advantage of: increasing total sales by targeting more customers. Prepare material and programs for current session based on data from last session. Fields & Greens is a farm-to-table restaurant that boasts great food and a unique atmosphere. This is an example of Levi's commitment to, Patagonia, a California-based clothing company, is deeply committed to the environment. Study with Quizlet and memorize flashcards containing terms like A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets is called ________. Successful positioning focuses on communicating the ________. Which of the four disciplines that helps shape our understanding of consumer behavior compares human societies' culture and development? The process of doing this is referred to as, For a business entering a market where large segments of the market are targeted by multiple firms, the best strategy for this business is to target a large share of a small market segment with a unique product. Max Weber used the term "charisma" to explain a form of influence based on: 60. c. What is Evanecs cost of new common stock,$r_e$? ____ teams are relatively autonomous teams whose members share or rotate leadership responsibilities and hold themselves mutually responsible for a set of performance goals assigned by higher management. Without that trust. When a company uses a marketing discipline and combines computer technology and databases with customer service and marketing communications it is known as: A company's skills are functionssuch as customer service and promotionsthat the firm performs better than its competitors. It is considering two projects, each costing$100 million. The Physicians Committee for Responsible Medicine targeted Burger King in television commercials that blame it for heart disease. These five tasks point to the essential competencies of crisis leaders, which include all of the following EXCEPT: 45. Which of the following in NOT a factor that enhances follower influence? Product excellence is determined by a consumer's perception of the product's value and quality. can highlight potential market positions that might be underserved. Leaders who have difficulty meeting deadlines and who take work home from the job are showing signs of: 78. I only get what support is deemed absolutely necessary to a project. Ensuring that a firm understanding its customers B. copyright., A successful brand adds value to organizations in many ways, but which of the following is NOT one of those ways? What is the corresponding effect on foreign investments in the United States? Which of the following in NOT a recommendation that leaders can employ to create conditions conducive to learning and knowledge creation? Target markets can be selected by appealing to the entire market with one marketing mix. ________ allows firms to improve how they manage their employees, supply chain, and/or manufacturing processes to maximize customer value and sustain competitive advantage. Loganwarzecha. It uses the Internet to allow consumers to reserve tables in many establishments throughout the United States. Mass customization has made relationships with customers ________. Which of the following is necessarily needed for a company to support its positioning strategy? 61. According to your text, what specific type of data will these tools yield about consumers' perceptions? Which of the following is an example of a multiple products and multiple market segments strategy? a. The process and tools used to study consumer behavior are characterized by the term ________. In response to new regulations limiting the sale of wine over the Internet in some states, a wine seller began to focus its strategy on in-store consumers in those states. In most cases, however, as customer segments change, firms will reposition themselves after considering their own marketing mix and their competitors' positions. Community regulations that prohibit door-to- door selling unless prior permission is given by the household. Could you afford those payments? Mass marketers, such as Target and Venture Stores, often ignore market segment differences and target the whole market with one offer. 63. They are developing ________ packaging. ________ is the value the firm derives from consumers' positive perception of its products. He mentioned how the single sentence of "why should we hire you" and that ties into the the value because if your company values and cares about what they are doing it makes a difference. 76. Provide a specific example from your own personal experience and relate it to something you just "formally" learned about marketing. 58. ________ refers to the development of a distinct image for the product in the mind of the consumer. Why does Antoine's decision make sense? Study with Quizlet and memorize flashcards containing terms like Philosophical assumptions about methodology are basically concerned with:, Social Science theories of research include all of these, Post positivist research has which of the following characteristics except: and more. D) Marketing involves satisfying customers' needs. All of the following are effects of charismatic leadership on followers, EXCEPT: 67. This marketer appears to be engaging in ________. Diffusion of innovations theory refers to a theory that divides members of a social group into segments according to how likely they are to adopt new ideas. \text{0.6} & \text{0.4} & \text{1.50} & \text{C} & \text{12.0}\\ According the strategic opportunity matrix, a diversification strategy is going to potentially involve which of the following? In terms of leadership, which of the following characteristics should a vision have? This means that now customers ________. To be most effective, the competition section of his market summary should, list both direct and indirect competitors. 80. If Apple were to utilize the VALS framework to segment its market for the iPad Pro, which psychographic segment should it target? Today, companies are ________ because they have the tools to interact on a one-to-one basis with masses of customers. This new formula helps to separate the Colgate product from its top competitors, such as Crest. Which of the following statements regarding virtual teams is NOT true? Ethical standards are important to the marketing research industry because they help gain the trust of consumers. This process is known as identifying: In order for a company's marketing mix to most effectively be utilized for reaching the company's objectives and strategies, it must focus on what marketing strategy input? ________ are those products purchased for further processing or for use in conducting a business. Positioning involves the various activities that the business undertakes to create a perception of the product or service in the consumer's mind. An example of a company that applied the production concept in the early twentieth century is ________. what would be the benefit of a marketing strategy on YouTube? This selection of a specific market segment is known as ________. The third level of a product that product planners consider is a(n) ________ around the core benefit and actual product that offers additional consumer services and benefits. Pabst beer had a revival in Canada when it began targeting hipsters, a group of people who embrace edginess in their lives with independent thought, progressive thought, creativity, and witty banter. Why is it in the best interest of a company to create an effective marketing plan? Leaders aspire to build the same positive relationship with each follower. Which of the following should NOT be delegated? Which of the four disciplines that helps shape our understanding of consumer behavior is defined as the study of the human mind and the mental factors that impact behavior? Target marketing sometimes generates controversy and concern. Study with Quizlet and memorize flashcards containing terms like Philosophical assumptions about methodology are basically concerned with:, Social Science theories of research include all of these, Post positivist research has which of the following characteristics except: and more. Which of the following are NOT one of the "three A's" crisis leaders must be mindful of? Explain. c. To satisfy the seller, the 30-year mortgage loan would be written as a balloon note, which means that at the end of the third year, you would have to make the regular payment plus the remaining balance on the loan. Which of the following is the most logical reason for Procter & Gamble offering products that compete with one another on the same supermarket shelves? Assume the following relationships for the Caulder Corp.: What are two important benefits provided by retailers? Its treasury staff has consulted with investment bankers. The shop did well during its first six months, especially among. Which of these steps assist a business in making its products more effective? One of the guidelines for making self-managed teams more effective include: 92. Products and services fall into two broad classifications based on the types of consumers that use them. Which of the following is a drawback of local marketing? Loganwarzecha. C) Marketing emphasizes selling and advertising exclusively. Which of the following is the accurate cause of a recession? ________ calls for testing new-product concepts with groups of target consumers. Why are you, as a student, already somewhat of a marketing expert before taking this course? Potluck participants bring a variety of dishes to share with family, friends, or coworkers at these events, but it is easy to forget to take the bowl that you brought home with you. Customer profitability-focused marketing ________. To understand what items are most likely to sell from on-campus vending machines, a company distributes surveys and holds a few focus groups of vending machine users on different campuses. Norman dislikes the health insurance plan provided by his employer, but is unwilling to switch to a different health insurer because obtaining private health insurance would be significantly more expensive than the employer-subsidized plan in which he is currently enrolled. Which of the following statements regarding groups and teams is TRUE? C. free trade. Educated consumers are more likely to earn significantly more money throughout the course of their lifetime. Which step in the marketing research process includes setting specific, measurable research objectives? Which of the following statements concerning an employees' frame of reference is NOT true? Most marketing targeted at children, minorities, or other special segments provides benefits to targeted consumers. What differences would you expect to find between the turnover ratios, profit margins, and DuPont equations for a grocery chain and a steel company? Researchers have identified two interrelated forms of customer engagement with marketers: ________ and ________. In the competition between ________ and ________ brands, retailers have the advantages of controlling what products will be stocked, where products will be stocked, what prices will be charged, and which products will be featured in print promotions. the process of creating, communicating, and delivering value to customers in a way that incorporates the concept of sustainability. The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is referred to as [a]. In the consumer decision-making process, the ________ stage influences the consumer's recognition of a product need. Which of the following statements about currency manipulation is true? What has been described as the "new science of retailing"? Which of the following is NOT one of the guidelines for enhancing organizational learning? A product's ________ contributes to the customer's product-use experience. an organization's obligation to maximize its positive impact and minimize its negative impact on society. In which stage of the PLC will promotional expenditures be especially high in an attempt to create consumer awareness? An arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product is known as ______. Product planners consider products and services on three levels. Tracy licensed a new software product that enables her to figure out when the same person is accessing her company's website via a mobile phone, tablet, and/or computer so she can keep track of their behavior and target them accordingly. 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